CedarFX Review

Introduction:

Founded in 2020, CedarFX is the world’s first eco-friendly broker that facilitates trading while giving back to the planet. The broker is growing in popularity and has already developed a niche in the industry in a short span. CedarForex’s journey as a Forex broker is pretty amazing, all thanks to its low spreads, no commissions and competitive trading conditions. Traders can enjoy trading on more than 180 tradable assets, including 55 fiat currency pairs and 38 crypto pairs, along with metals, indices, commodities and more.

CedarFX is a relatively new broker with an environmentally friendly outlook and trader-first mentality, which makes it stand apart from other brokers. Its commitment to supporting the environment by planting trees and minimizing carbon footprints is genuinely impressive.

Features of CedarFX:

Account Types:

CedarFX offers two main account types: Eco Account and 0% Commission Account. While the Eco Account is dedicated to environmental protection, the 0% Commission Account, as the name suggests, enables traders to trade at no added commission. The only difference between the two accounts is that you are charged a 1% commission in the Eco Account, which is donated to an NGO named Ecologi. Also, CedarFX provides access to the demo account to traders who want to test their strategies before risking their real funds.

However, traders looking for VIP accounts will be disappointed with the limited account types. But for all those who appreciate zero commissions or want to do something meaningful for the environment while trading, CedarFX is a good choice.

Trading Platforms:

CedarFX provides access to one of the most popular trading platforms: MetaTrader 4. MT4 is widely recognized for its user-friendliness, customization and wide range of analytical tools. Furthermore, the platform can be easily accessed via any electronic device, including tablets, laptops and smartphones, offering higher flexibility to busy traders.

With MT4, CedarFX provides access to automated trading, scalping, hedging EAs and much more. CedarFX’s interface is excellent for newbies as the broker has removed all the unnecessary graphics to allow traders to enjoy a more streamlined and clean interface. 

Mobile Trading:

CedarFX’s mobile trading option is the best for busy traders who want to trade on the go. CedarFX does not have its own app; rather, it offers mobile trading through MT4’s mobile version. Thus, you don’t need to download a separate app and can use MT4, which is compatible with both Android and iOS devices.

Educational Tools:

CedarFX answers some of the most common questions of users through its FAQ section. Besides this, there is nothing more that CedarFX offers in terms of educational content. This might put off beginners who have no idea how to start their trading journey and are looking for detailed guides to help them learn more.

On the other hand, the availability of a demo account is pretty much helpful in helping traders learn through hit-and-trial methods without incurring monetary losses. Although every broker offers a demo account today, what makes CedarFX different from others is it offers unlimited demo accounts, meaning there is no restriction in terms of time and virtual funds.

Offerings:

CedarFX is an all-inclusive broker that provides access to a wide range of assets, including stocks, major forex pairs, forex exotics, forex crosses, futures, metals, commodities, indexes and more.

Customer Support:

CedarFX’s customer support system is outstanding. You can reach out to them via a number of tools such as call, live chat and email. Users can fill out a customer request form to speak to a representative. The broker makes sure all your queries are solved as quickly as possible. Unfortunately, customer support is available in English. Consequently, traders who can’t speak English have to take assistance from a translator, which is altogether a different hassle. However, let’s not forget that CedarFX is just a beginner broker and will likely improve on certain aspects as it grows. 

Safety and Security:

CedarFX is not a regulated broker; although it’s a solid concern for traders, the good thing is the broker follows and complies with all regulations placed on brokers in the EU with regard to Anti-Money Laundering and Know Your Customer.

Trading Conditions of CedarFX:

Fees and Commissions:

When it comes to fees and commissions, CedarFX is proud of being a low-cost broker as it doesn’t charge any transaction fee. A 0% Commission Account is also available to lower the costs associated with trading so that traders can take full advantage of the money they deposit for trading.

CedarFX offers its clients competitive spreads across all asset classes. The broker also issues a margin call as soon as your margin level falls to 100%.

Leverage:

The leverage setting with CedarFX depends upon the instrument type you choose to trade. In general, CedarFX’s maximum leverage on different instruments is:

• Indices and Commodities- 1:200
• Crypto pairs- 1:100
• Forex and Metals- 1:500
• Stocks- 1:20

Note that CedarFX does not offer arbitrage trading, VPS and negative balance protection

Pros and Cons of CedarFX:

Pros:

• 0% commission account available
• Eco-friendly broker (10 trees planted per lot traded)
• Offers access to demo account
• 24*7 customer support via live chat
• Quick deposits and withdrawals

Cons:

• VIP Accounts not available
• Limited number of educational resources for new traders
• Offshore broker
• Social trading not available

Conclusion:

Within a few years, CedarFX has turned out to become an excellent broker with a decent range of traceable assets, low spreads and no commission charges. However, brokers fail to impress traders looking for VIP accounts, social trading and extensive educational content. Nevertheless, CedarFX has still managed to make a name for itself with its impressive features, particularly with its commitment to protecting the natural environment. CedarFX is doing pretty well and will continue to do so in the future. It has already created a niche for itself in the industry which is something even experienced brokers have failed to do. We would love CedarFX to introduce more features and educational resources for its users in future. Overall, it’s a good choice for traders who want to create an impact on the environment.